Hey William,The Series LLC does require specific language to be used upon it's formation.

Two, even if the city would allow it, the entire neighborhood would hate you, including the university, the local residents, the students & the large property owners.

Nowadays (post-housing-crisis), one really has to have a large chunk of money for a down payment to buy a house. 

Purchase price + reno costs.Bank will then lend 80% of the property value once renovated.I use these on some larger projects that I don’t want to tie up a large sum of cash up front.

I would not want you to waste such a large amount on a deal you are not sure of.

Where are permits being pulled, where are the areas of development happening, who has plans to move into which sectors of the city (i.e. large business moving into the area like Amazon, Apple, Walmart, Banner, banks, ASU (and all their affiliate campuses and satelitte campuses) Intel, USAirways, Dignity, Amex.. if you can follow where these large employers are bringing in jobs, then housing will follow. 

Then go find a third party management company to find tenants and manage more complicated repairs.  42 unit isn’t large enough for 3rd party on site management.  

Currently I am an active real estate investor and developer (single family and large scale senior housing) but I am looking to get involved in mobile home parks. 

But, it is a pursuit of perfection and drive to be perfect, that has helped us achieve fantastic investment results for a large majority of our clients. 

Use a large bank like Citi or Wells Fargo near your properties.